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Interxion Reports Third Quarter 2019 Results

07/11/2019

Revenue Growth of 12% Year Over Year

AMSTERDAM--(BUSINESS WIRE)--Nov. 7, 2019-- Interxion Holding NV (NYSE:INXN), a leading European provider of carrier and cloud-neutral colocation data centre services, today announced its results for the three-month period ended 30 September 2019.

3Q 2019 Financial Highlights

  • Revenue increased by 12% to €159.4 million (3Q 2018: €142.2 million).
  • Recurring revenue(1) increased by 13% to €152.3 million (3Q 2018: €134.8 million).
  • Net income increased by €10.6 million to €21.5 million (3Q 2018: €10.9 million).
  • Adjusted net income(1) increased by €8.6 million to €20.2 million (3Q 2018: €11.6 million).
  • Diluted earnings per share increased by €0.13 to €0.28 (3Q 2018: €0.15).
  • Adjusted diluted earnings per share(1) increased by €0.10 to €0.26 (3Q 2018: €0.16).
  • Adjusted EBITDA(1) increased by 26% to €82.7 million (3Q 2018: €65.8 million).
  • Adjusted EBITDA margin(1) increased to 51.9% (3Q 2018: 46.3%).
  • Capital expenditures, including intangible assets(2), were €150.6 million (3Q 2018: €103.2 million).

3Q 2019 Operating Highlights

  • Equipped space(3) increased by 5,000 square metres (“sqm”) during the quarter to 159,800 sqm.
  • Revenue generating space(4) increased by 1,100 sqm during the quarter to 122,700 sqm.
  • Utilisation rate(5) at the end of the quarter was 77%.
  • During the third quarter, Interxion completed the following capacity additions:
    • 2,600 sqm in Frankfurt;
    • 1,200 sqm in Marseille;
    • 700 sqm in Madrid;
    • 600 sqm in Copenhagen;
    • 200 sqm in Vienna; and
    • 100 sqm in Zurich.
  • Closed 500 sqm satellite data centre that came with the Science Park acquisition that was completed in 2017.

“Interxion posted solid results for the third quarter led by 13% recurring revenue growth and strong margins. Favourable demand trends for colocation reflect ongoing migration towards cloud and digital content platforms by enterprises and consumers,” said David Ruberg, Interxion’s Chief Executive Officer. “The platform providers continue to expand their presence in Europe and seek line of sight to substantial future capacity, which we are well placed to deliver at our highly-connected campuses in key cities across Europe.”

Interxion to Combine with Digital Realty

On 29 October 2019, Interxion and Digital Realty (NYSE:DLR) announced they entered into a definitive agreement to combine their businesses to create a leading global provider of data centre, colocation and interconnection solutions. Under the terms of the agreement, Interxion shareholders will receive a fixed exchange ratio of 0.7067 Digital Realty shares per Interxion share. Based on Digital Realty's closing stock price of $132.28 on 28 October 2019, the transaction values Interxion at approximately $93.48 per ordinary share, or approximately $8.4 billion of total enterprise value, including assumed net debt. Completion of the transaction is subject to customary closing conditions, including approval by shareholders of Interxion and shareholders of Digital Realty.

“The combination of Interxion with Digital Realty is compelling from a strategic perspective and brings together two highly complementary businesses in terms of market positioning and geographical footprint,” said David Ruberg, Interxion’s Chief Executive Officer. “We are creating one of the largest data centre operators in the world. This transaction offers our shareholders an attractive return and, as you will see in forthcoming filings, follows many discussions over several years with potential strategic and financial acquirers of Interxion and other parties that have sought to pursue transactions with us. We strongly believe that the combination with Digital Realty will deliver significant long-term value for all our stakeholders.”

Quarterly Review

As previously noted, the implementation of International Financial Reporting Standard 16 - Leases (“IFRS 16”) on 1 January 2019 reclassified certain expense items, thus impacting the comparability of our results to periods prior to the implementation of IFRS 16. This accounting change had no impact on our revenues or underlying net cash flows. A reconciliation from the relevant measures reported under IFRS 16 to the corresponding measures excluding the impact of IFRS 16 is provided later in this press release.

Revenue in the third quarter of 2019 was €159.4 million, a 12% increase over the third quarter of 2018 and a 1% increase over the second quarter of 2019. Recurring revenue was €152.3 million, a 13% increase over the third quarter of 2018 and a 2% increase over the second quarter of 2019. Recurring revenue in the third quarter represented 96% of total revenue. On a constant currency(6) basis, revenue in the third quarter of 2019 was also 12% higher than in the third quarter of 2018.

Cost of sales in the third quarter of 2019 were €54.1 million, a 3% decrease from the third quarter of 2018 and a 1% decrease from the second quarter of 2019.

Gross profit was €105.3 million in the third quarter of 2019, a 22% increase over the third quarter of 2018 and a 1% increase over the second quarter of 2019. Gross profit margin was 66.0% in the third quarter of 2019, compared with 60.7% in the third quarter of 2018 and 65.5% in the second quarter of 2019.

Sales and marketing costs in the third quarter of 2019 were €8.7 million, a 0.3% increase over the third quarter of 2018 and a 7% decrease from the second quarter of 2019.

General and administrative costs, excluding the items we adjust for in the determination of Adjusted EBITDA, were €13.9 million in the third quarter of 2019, a 17% increase over the third quarter of 2018 and a 2% decrease from the second quarter of 2019.

Depreciation and amortisation in the third quarter of 2019 were €45.3 million, a 38% increase over the third quarter of 2018 and a 2% increase over the second quarter of 2019.

Operating income in the third quarter of 2019 was €31.3 million, an increase of 16% over the third quarter of 2018 and a 6% increase over the second quarter of 2019.

Net finance expense for the third quarter of 2019 was €3.2 million, a 72% decrease from the third quarter of 2018 and a 81% decrease from the second quarter of 2019. This includes the €9.5 million increase in the fair value of certain convertible loans given to Icolo.

Income tax expense for the third quarter of 2019 was €6.5 million, a 46% increase over the third quarter of 2018 and a 79% increase over the second quarter of 2019.

Net income was €21.5 million in the third quarter of 2019, an 97% increase over the third quarter of 2018 and a 149% increase over the second quarter of 2019, partly driven by the fair value adjustment of the Icolo convertible loans.

Adjusted net income was €20.2 million in the third quarter of 2019, a 74% increase over the third quarter of 2018 and a 171% increase over the second quarter of 2019.

Adjusted EBITDA for the third quarter of 2019 was €82.7 million, a 26% increase over the third quarter of 2018 and a 3% increase over the second quarter of 2019. Adjusted EBITDA margin was 51.9% in the third quarter of 2019, compared to 46.3% in the third quarter of 2018 and 50.6% in the second quarter of 2019.

Adjusted EBITDA excluding the impact of IFRS 16(1) for the third quarter was €74.2 million, a 13% increase over the third quarter of 2018 and a 4% increase over the second quarter of 2019. Adjusted EBITDA margin excluding the effects of IFRS 16 in the third quarter of 2019 was 46.5%, compared to 46.3% in the third quarter of 2018 and 45.1% in the second quarter of 2019.

Net cash flows from operating activities in the third quarter of 2019 were €67.3 million, compared to €53.9 million in the third quarter of 2018 and €35.8 million in the second quarter of 2019.

Cash generated from operations(1) in the third quarter of 2019 was €77.4 million, compared to €60.9 million in the third quarter of 2018 and €71.8 million in the second quarter of 2019.

Capital expenditures, including intangible assets, in the third quarter of 2019 were €150.6 million, compared with €103.2 million in the third quarter of 2018 and €123.5 million in the second quarter of 2019.

Cash and cash equivalents were €205.8 million at 30 September 2019, compared with €186.1 million at year end 2018.

Total borrowings and lease liabilities net of cash and cash equivalents were €1,502.3 million in aggregate at 30 September 2019, compared with €1,104.1 million at 31 December 2018. Excluding lease liabilities, total borrowings were €1,254.7 million at 30 September 2019, compared with €1,239.8 million at 31 December 2018.

As at 30 September 2019, Interxion's €300 million unsecured revolving credit facility was undrawn.

On 1 July 2019, Interxion issued 4.6 million new ordinary shares in a public offering, which generated net proceeds of €281.6 million.

Equipped space at the end of the third quarter of 2019 was 159,800 square metres, compared to 140,300 square metres at the end of the third quarter of 2018 and 154,800 square metres at the end of the second quarter of 2019. Revenue generating space at the end of the third quarter of 2019 was 122,700 square metres, compared to 111,200 square metres at the end of the third quarter of 2018 and 121,600 square metres at the end of the second quarter of 2019. Utilisation rate, representing the ratio of revenue generating space to equipped space, was 77% at the end of the third quarter of 2019, compared to 79% at the end of the third quarter of 2018 and 79% at the end of the second quarter of 2019.

Forward-looking Statements

This communication contains forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements. Factors that could cause actual results and future events to differ materially from Interxion’s expectations include, but are not limited to, the difficulty of reducing operating expenses in the short term, the inability to utilise the capacity of newly planned data centres and data centre expansions, significant competition, the cost and supply of electrical power, data centre industry over-capacity, performance under service level agreements, delays in remediating the material weakness in internal control over financial reporting and/or making disclosure controls and procedures effective, certain other risks detailed herein and other risks described from time to time in Interxion’s filings with the United States Securities and Exchange Commission (the “SEC”).

Interxion does not assume any obligation to update the forward-looking information contained in this press release.

Non-IFRS Financial Measures

These materials include non-IFRS financial measures and ratios, including (i) Adjusted EBITDA; (ii) Adjusted EBITDA margin, (iii) Adjusted EBITDA excluding the impact of IFRS 16; (iv) Adjusted EBITDA margin excluding the impact of IFRS 16; (v) Recurring revenue; (vi) Revenue on a constant currency basis; (vii) Adjusted net income; (viii) Adjusted basic earnings per share; (ix) Adjusted diluted earnings per share and (x) Cash generated from operations, that are not required by, or presented in accordance with, IFRS.

Other companies may present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a constant currency basis, Adjusted net income, Adjusted basic earnings per share, Adjusted diluted earnings per share and Cash generated from operations differently than we do. None of these measures are measures of financial performance under IFRS and should not be considered as a measure of liquidity or as an alternative to Profit for the period attributable to shareholders (“Net income”) or as indicators of our operating performance or any other measure of performance implemented in accordance with IFRS.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis

We define Adjusted EBITDA as Net income adjusted for income tax expense, net finance expense and the following items, which may occur in any period, and which management believes are not representative of our operating performance:

  • Depreciation and amortisation – property, plant and equipment and intangible assets (except goodwill) are depreciated and amortised on a straight-line basis over the estimated useful life. We believe that these costs do not represent our operating performance.
  • Share-based payments – represents primarily the fair value at the date of grant of employee equity awards, which is recognized as an expense over the vesting period. In certain cases, the fair value is redetermined for market conditions at each reporting date, until the final date of grant is achieved. We believe that this expense does not represent our operating performance.
  • Income or expense related to the evaluation and execution of potential mergers or acquisitions (“M&A”) – under IFRS, gains and losses associated with M&A activity are recognized in the period in which such gains or losses are incurred. We exclude these effects because we believe they are not reflective of our ongoing operating performance.
  • Adjustments related to terminated and unused data centre sites – these gains and losses relate to historical leases entered into for certain brownfield sites, with the intention of developing data centres, which were never developed, and for which management has no intention of developing into data centres. We believe the impact of gains and losses related to unused data centres is not reflective of our business activities and our ongoing operating performance.

In certain circumstances, we may also adjust for other items that management believes are not representative of our current ongoing performance. Examples include: adjustments for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue.

In addition, we present Adjusted EBITDA excluding the impact of IFRS 16 for comparative purposes with regard to Adjusted EBITDA presented in periods prior to 1 January 2019, the effective date of IFRS 16. Adjusted EBITDA margin excluding the impact of IFRS 16 is defined as Adjusted EBITDA excluding the impact of IFRS 16 as a percentage of revenue.

For a reconciliation of Net income to Adjusted EBITDA and from Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, see the notes to the Condensed Consolidated Interim Financial Statements. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16 and other key performance indicators may not be indicative of our historical results of operations based on IFRS, nor are they meant to be predictive of future results under IFRS.

We define Recurring revenue as revenue incurred from colocation and associated power charges, office space, amortised set-up fees, cross-connects and certain recurring managed services (but excluding any ad hoc managed services) provided by us directly or through third parties, excluding rents received for the sublease of unused sites. Management believes that the exclusion of these items provides useful supplemental information to revenue from colocation and associated power charges to aid investors in evaluating the recurring revenue performance of our business. For a reconciliation of Revenue to Recurring revenue, see the notes to the Condensed Consolidated Interim Financial Statements.

We present constant currency information for revenue to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than Euro are converted into Euro using the average exchange rates from the prior period rather than the actual exchange rates in effect during the current period. We believe that revenue growth is a key indicator of how a company is progressing from period to period and presenting constant currency information for revenue provides useful supplemental information to investors regarding our on-going operational performance because it helps us and our investors evaluate the on-going operating performance of the business after removing the impact of currency exchange rates.

We believe Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis provide useful supplemental information to investors regarding our ongoing operational performance. These measures help us and our investors evaluate the ongoing operating performance of the business after removing the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortisation) and the implementation of new accounting standards. Management believes that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding the impact of IFRS 16, when combined with the primary IFRS presentation of Net income, provides a more complete analysis of our operating performance. Management also believes the use of Adjusted EBITDA and Adjusted EBITDA excluding the impact of IFRS 16 facilitates comparisons between us and other data centre operators (including other data centre operators that are REITs) and other infrastructure-based businesses. Adjusted EBITDA excluding the impact of IFRS 16 is also a relevant measure used in the financial covenants of our revolving credit facility and our 4.75% Senior Notes due 2025. Pursuant to the terms of our revolving credit facility and our 4.75% Senior Notes due 2025, the calculation of Adjusted EBITDA for the purposes of the financial covenants is determined in accordance with IFRS as of the date of the financing agreements and therefore does not include the impact of IFRS 16.

Adjusted net income, Adjusted basic earnings per share and Adjusted diluted earnings per share

We define Adjusted net income as Net income adjusted for the following items and the related income tax effect, which may occur in any period, and which management believes are not reflective of our operating performance:

  • Income or expense related to the evaluation and execution of potential mergers or acquisitions (“M&A”) – under IFRS, gains and losses associated with M&A activity are recognized in the period in which such gains or losses are incurred. We exclude these effects because we believe they are not reflective of our ongoing operating performance.
  • Adjustments related to provisions – these adjustments are made for adjustments in provisions that are not reflective of the ongoing operating performance of Interxion. These adjustments may include changes in provisions for onerous lease contracts.
  • Adjustments related to capitalized interest – under IFRS, we are required to calculate and capitalize interest allocated to the investment in data centres and exclude it from Net income. We believe that reversing the impact of capitalized interest provides information about the impact of the total interest costs and facilitates comparisons with other data centre operators.

In certain circumstances, we may also adjust for other items that management believes are not representative of our current ongoing performance. Examples include: adjustments for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses.

Management believes that the exclusion of certain items listed above provides useful supplemental information to Net income to aid investors in evaluating the operating performance of our business and comparing our operating performance with other data centre operators and infrastructure companies. We believe the presentation of Adjusted net income, when combined with Net income prepared in accordance with IFRS, is beneficial to a complete understanding of our performance. A reconciliation from reported Net income to Adjusted net income is provided in notes to the Condensed Consolidated Interim Financial Statements.

Adjusted basic earnings per share and Adjusted diluted earnings per share amounts are determined on Adjusted net income.

Cash generated from operations

Cash generated from operations is defined as Net cash flows from operating activities, excluding interest and corporate income tax payments and receipts. Management believes that the exclusion of these items provides useful supplemental information to Net cash flows from operating activities to aid investors in evaluating the cash generating performance of our business.

Additional Key Performance Indicators

In addition to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a constant currency basis, Adjusted net income, Adjusted basic earnings per share, Adjusted diluted earnings per share and Cash generated from operations, our management also uses the following key performance indicators as measures to evaluate our performance:

  • Equipped space: the amount of data centre space that, on the date indicated, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure. Equipped space at a particular data centre may decrease if either (a) the power requirements of customers at a data centre change so that all or a portion of the remaining space can no longer be sold because the space does not have enough power capacity and/or common infrastructure to support it without further investment or (b) if the design and layout of a data centre changes to meet among others, fire regulations or customer requirements, and necessitates the introduction of common space (such as corridors) which cannot be sold to individual customers;
  • Revenue generating space: the amount of Equipped space that is under contract and billed on the date indicated;
  • Utilisation rate: on the date indicated, Revenue generating space as a percentage of Equipped space. Some Equipped space is not fully utilised because of customers’ specific requirements regarding the layout of their equipment. In practice, therefore, Utilisation rate does not reach 100%.

IFRS 16 – Leases

We adopted International Financial Reporting Standard 16 – Leases, from 1 January 2019. Under IFRS 16, operating leases are recognized as right of use assets and lease liabilities, and certain components of revenue are recognized as lease revenue.

The impact of IFRS 16 on revenue, gross profit, operating income, Adjusted EBITDA, depreciation and amortisation and net finance expense for the three-month and nine-month periods ended 30 September 2019 and total assets and total liabilities as at 30 September 2019 is provided in the tables attached to this press release.

About Interxion

Interxion (NYSE:INXN) is a leading provider of carrier and cloud-neutral colocation data centre services in Europe, serving a wide range of customers through 54 data centres in 11 European countries. Interxion’s uniformly designed, energy efficient data centres offer customers extensive security and uptime for their mission-critical applications. With over 700 connectivity providers, 21 European Internet exchanges, and most leading cloud and digital media platforms across its footprint, Interxion has created connectivity, cloud, content and finance hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.

Additional Information and Where to Find It

This communication is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy, vote or approval with respect to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transactions, Digital Realty intends to file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), that will include a proxy statement of Digital Realty, which also constitutes a prospectus of Digital Realty. After the registration statement is declared effective by the SEC, Digital Realty intends to mail a definitive proxy statement/prospectus to shareholders of Digital Realty and Digital Realty intends to cause its subsidiary to file a Tender Offer Statement on Schedule TO (the “Schedule TO”) with the SEC and soon thereafter Interxion intends to file a Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) with respect to the tender offer. The tender offer for the outstanding ordinary shares of Interxion referred to in this document has not yet commenced. The solicitation and offer to purchase shares of Interxion’s ordinary shares will only be made pursuant to the Schedule TO and related offer to purchase. This material is not a substitute for the proxy statement/prospectus, the Schedule TO, the Schedule 14D-9 or the Registration Statement or for any other document that Digital Realty or Interxion may file with the SEC and send to Digital Realty’s or Interxion’s shareholders in connection with the proposed transactions.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION OR DECISION WITH RESPECT TO THE TENDER OFFER, WE URGE INVESTORS OF DIGITAL REALTY AND INTERXION TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS, SCHEDULE TO (INCLUDING AN OFFER TO PURCHASE, RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY DIGITAL REALTY AND INTERXION WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DIGITAL REALTY, INTERXION AND THE PROPOSED TRANSACTIONS.

Investors will be able to obtain free copies of the Registration Statement, proxy statement/prospectus, Schedule TO and Schedule 14D-9, as each may be amended from time to time, and other relevant documents filed by Digital Realty and Interxion with the SEC (when they become available) at http://www.sec.gov, the SEC’s website, or free of charge from Digital Realty’s website (http://www.digitalrealty.com) or by contacting Digital Realty’s Investor Relations Department at (415) 848-9311. These documents are also available free of charge from Interxion’s website (http://www.interxion.com) or by contacting Interxion’s Investor Relations Department at (813) 644-9399.

Participants in the Solicitation

Digital Realty, Interxion and their respective directors and certain of their executive officers and employees may be deemed, under SEC rules, to be participants in the solicitation of proxies from Digital Realty’s and Interxion’s shareholders in connection with the proposed transactions. Information regarding the officers and directors of Digital Realty is included in its definitive proxy statement for its 2019 annual meeting filed with the SEC on April 1, 2019. Information regarding the officers and directors of Interxion and their ownership of Interxion ordinary shares is set forth in Interxion’s Annual Report on Form 20-F, which was filed with the SEC on April 30, 2019. Additional information regarding the persons who may be deemed participants and their interests will be set forth in the Registration Statement and proxy statement/prospectus and other materials when they are filed with SEC in connection with the proposed transactions. Free copies of these documents may be obtained as described in the paragraphs above.

Forward-Looking Statements

Interxion cautions that statements in this communication that are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact actual results of operations of Digital Realty, Interxion and the combined company. These forward-looking statements include, among other things, statements about anticipated satisfaction of closing conditions and completion of the proposed transactions contemplated by the purchase agreement between them. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: the ability of Digital Realty and Interxion to obtain the regulatory and shareholder approvals necessary to complete the anticipated combination, on the anticipated timeline or at all; the risk that a condition to the closing of the anticipated combination may not be satisfied, on the anticipated timeline or at all or that the anticipated combination may fail to close; the outcome of any legal proceedings, regulatory proceedings or enforcement matters that may be instituted relating to the anticipated combination; the costs incurred to consummate the anticipated combination; the possibility that the expected synergies from the anticipated combination will not be realized, or will not be realized within the expected time period; difficulties related to the integration of the two companies; disruption from the anticipated combination making it more difficult to maintain relationships with customers, employees, regulators or suppliers; the diversion of management time and attention on the anticipated combination; adverse changes in the markets in which Digital Realty and Interxion operate or credit markets; and changes in the terms, scope or timing of contracts, contract cancellations, and other modifications and actions by customers and other business counterparties of Digital Realty and Interxion. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward looking statements. For a more complete discussion of these and other risk factors, please see (i) Digital Realty’s filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports on Form 10-Q and (ii) Interxion’s filings with the SEC, including its annual report on Form 20-F for the year ended December 31, 2018, and its subsequent reports on Form 6-K. This communication reflects the views of Interxion’s management as of the date hereof. Except to the extent required by applicable law, Interxion undertakes no obligation to update or revise any forward-looking statement.


1 All of the following items are non-IFRS measures intended to adjust for certain items and are not measures of financial performance under IFRS: “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted EBITDA excluding the impact of IFRS 16”, “Adjusted EBITDA margin excluding the impact of IFRS 16”, “Recurring revenue”, “Revenue on a constant currency basis”, “Adjusted net income”, “Adjusted basic earnings per share”, “Adjusted diluted earnings per share” and “Cash generated from operations”. Complete definitions can be found in the “Non-IFRS Financial Measures” section in this press release. Reconciliations of Net income to Adjusted EBITDA, Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, Net income to Adjusted net income and Revenue to Recurring revenue, can be found in the financial tables later in this press release.

2 Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the consolidated statement of cash flows as “Purchase of property, plant and equipment” and “Purchase of intangible assets”, respectively.

3 Equipped space is the amount of data centre space that, on the date indicated, is equipped and is either sold or could be sold, without making any significant additional investments to common infrastructure. This number is net of a decrease of 500 sqm due to the closure of a satellite data centre that came with the Science Park acquisition (referred to as AMS9) and was previously included in the AMS9 sqm reporting.

4 Revenue generating space is the amount of Equipped space that is under contract and billed on the date indicated. This number is net of a decrease in Science Park.

5 Utilisation rate represents Revenue generating space as a percentage of Equipped space.

6 We present constant currency information to assess how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than Euro are converted into Euro using the average exchange rates from the prior period rather than the actual exchange rates in effect during the current period.

 
INTERXION HOLDING NV
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
Sep-30 Sep-30 Sep-30 Sep-30

2019

2018

2019

2018

 
Revenue

159,393

142,191

469,400

414,851

Cost of sales

(54,138)

(55,852)

(159,261)

(162,250)

Gross Profit

105,255

86,339

310,139

252,601

Other income

-

-

-

86

Sales and marketing costs

(8,737)

(8,710)

(27,288)

(27,019)

General and administrative costs

(65,226)

(50,552)

(192,169)

(145,447)

 
Operating income

31,292

27,077

90,682

80,221

Net finance expense

(3,232)

(11,732)

(37,042)

(46,031)

Share of result of equity-accounted investees, net of tax

(113)

-

(277)

-

 
Profit before income taxes

27,947

15,345

53,363

34,190

Income tax expense

(6,496)

(4,445)

(14,900)

(11,052)

Net income

21,451

10,900

38,463

23,138

Basic earnings per share(a): (€)

0.28

0.15

0.52

0.32

Diluted earnings per share(b): (€)

0.28

0.15

0.52

0.32

 
 
Number of shares outstanding at the end of the period (shares in thousands)

76,604

71,673

76,604

71,673

Weighted average number of shares for Basic EPS (shares in thousands)

76,548

71,642

73,429

71,518

Weighted average number of shares for Diluted EPS (shares in thousands)

77,133

72,091

74,015

71,950

 
 
As at
Sep-30 Sep-30
Capacity metrics

2019

2018

Equipped space (in square meters)

159,800

140,300

Revenue generating space (in square meters)

122,700

111,200

Utilisation rate

77%

79%

 
(a) Basic earnings per share are calculated as net income divided by the weighted average number of shares for Basic EPS.
(b) Diluted earnings per share are calculated as net income divided by the weighted average number of shares for Diluted EPS.
 

 

INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: REPORTING SEGMENT INFORMATION
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
Sep-30 Sep-30 Sep-30 Sep-30

2019

2018

2019

2018

Consolidated
Recurring revenue

152,347

134,754

447,600

393,425

Non-recurring revenue

7,046

7,437

21,800

21,426

Revenue

159,393

142,191

469,400

414,851

Net income

21,451

10,900

38,463

23,138

Net income margin

13.5%

7.7%

8.2%

5.6%

Operating income

31,292

27,077

90,682

80,221

Operating income margin

19.6%

19.0%

19.3%

19.3%

Adjusted EBITDA

82,662

65,783

240,097

190,089

Gross profit margin

66.0%

60.7%

66.1%

60.9%

Adjusted EBITDA margin

51.9%

46.3%

51.1%

45.8%

 
Total assets

2,999,220

2,223,963

2,999,220

2,223,963

Total liabilities(a)

2,024,362

1,601,055

2,024,362

1,601,055

Capital expenditure, including intangible assets(b)

(150,578)

(103,185)

(418,138)

(319,894)

 
France, Germany, the Netherlands, and the UK
Recurring revenue

102,193

89,178

299,729

259,949

Non-recurring revenue

5,145

4,409

14,544

13,062

Revenue

107,338

93,587

314,273

273,011

Operating income

34,498

30,367

101,394

88,314

Operating income margin

32.1%

32.4%

32.3%

32.3%

Adjusted EBITDA

64,139

51,847

188,195

151,214

Gross profit margin

66.1%

61.9%

66.6%

62.1%

Adjusted EBITDA margin

59.8%

55.4%

59.9%

55.4%

 
Total assets

2,035,901

1,425,769

2,035,901

1,425,769

Total liabilities(a)

599,321

288,451

599,321

288,451

Capital expenditure, including intangible assets(b)

(116,405)

(80,066)

(293,810)

(233,196)

 
Rest of Europe
Recurring revenue

50,154

45,576

147,871

133,476

Non-recurring revenue

1,901

3,028

7,256

8,364

Revenue

52,055

48,604

155,127

141,840

Operating income

21,099

17,993

62,734

56,231

Operating income margin

40.5%

37.0%

40.4%

39.6%

Adjusted EBITDA

33,823

28,690

98,658

83,432

Gross profit margin

72.2%

66.4%

71.3%

66.3%

Adjusted EBITDA margin

65.0%

59.0%

63.6%

58.8%

 
Total assets

705,854

464,250

705,854

464,250

Total liabilities(a)

202,247

92,830

202,247

92,830

Capital expenditure, including intangible assets(b)

(29,894)

(20,726)

(109,372)

(73,198)

 
Corporate and other
Operating income

(24,305)

(21,283)

(73,446)

(64,324)

Adjusted EBITDA

(15,300)

(14,754)

(46,756)

(44,557)

 
Total assets

257,465

333,944

257,465

333,944

Total liabilities

1,222,794

1,219,774

1,222,794

1,219,774

Capital expenditure, including intangible assets(b)

(4,279)

(2,393)

(14,956)

(13,500)

 
(a) Certain comparative figures as at 30 September 2018 have been restated compared to the amounts disclosed on Form 6-K furnished on 1 November 2018. For further details see Note 2 and Note 28 of our 2018 Consolidated Financial Statements included on Form 20-F, filed with the SEC on 30 April 2019.
(b) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the condensed consolidated statements of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets," respectively.
 
 
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED EBITDA RECONCILIATION
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
Sep-30 Sep-30 Sep-30 Sep-30

2019

2018

2019

2018

 
Reconciliation to Adjusted EBITDA
 
Consolidated
 
Net income

21,451

10,900

38,463

23,138

Income tax expense

6,496

4,445

14,900

11,052

Profit before taxation

27,947

15,345

53,363

34,190

Share of result of equity-accounted investees, net of tax

113

-

277

-

Net finance expense

3,232

11,732

37,042

46,031

Operating income

31,292

27,077

90,682

80,221

Depreciation and amortisation

45,297

32,885

131,295

94,635

Share-based payments

5,289

3,942

16,695

11,192

Income or expense related to the evaluation and execution of potential mergers or acquisitions:
M&A transaction costs(a)

784

689

1,425

2,937

Re-assessment of indirect taxes(b)

-

1,190

-

1,190

Items related to sub-leases on unused data centre sites(c)

-

-

-

(86)

Adjusted EBITDA(d)

82,662

65,783

240,097

190,089

 
France, Germany, the Netherlands, and the UK
 
Operating income

34,498

30,367

101,394

88,314

Depreciation and amortisation

29,224

21,173

85,641

62,075

Share-based payments

417

307

1,160

911

Items related to sub-leases on unused data centre sites(c)

-

-

-

(86)

Adjusted EBITDA(d)

64,139

51,847

188,195

151,214

 
Rest of Europe
 
Operating income

21,099

17,993

62,734

56,231

Depreciation and amortisation

12,493

9,252

35,101

25,227

Share-based payments

231

255

823

784

Re-assessment of indirect taxes(b)

-

1,190

-

1,190

Adjusted EBITDA(d)

33,823

28,690

98,658

83,432

 
Corporate and Other
 
Operating loss

(24,305)

(21,283)

(73,446)

(64,324)

Depreciation and amortisation

3,580

2,460

10,553

7,333

Share-based payments

4,641

3,380

14,712

9,497

Income or expense related to the evaluation and execution of potential mergers or acquisitions:
M&A transaction costs(a)

784

689

1,425

2,937

Adjusted EBITDA(d)

(15,300)

(14,754)

(46,756)

(44,557)

 
(a) “M&A transaction costs” are costs associated with the evaluation, diligence and conclusion or termination of merger or acquisition activity. These costs are included in “General and administrative costs”.
(b) This re-assessment relates to years prior to 2018 and is therefore not representative of our current on-going business.
(c) “Items related to sub-leases on unused data centre sites” represents the income on sub-lease of portions of unused data centre sites to third parties. This income is treated as “Other income”.
(d) “Adjusted EBITDA” is a non-IFRS financial measure. See “Non-IFRS Financial Measures” for more information, including why we believe Adjusted EBITDA is useful, and the limitations on the use of Adjusted EBITDA.
 
INTERXION HOLDING NV
CONDENSED CONSOLIDATED BALANCE SHEET
(in €'000 ― except where stated otherwise)
(unaudited)
 
As at
Sep-30 Dec-31

2019

2018

Non-current assets
Property, plant and equipment

1,969,757

1,721,064

Right-of-use assets

436,079

-

Intangible assets

70,258

64,331

Goodwill

38,900

38,900

Deferred tax assets

26,913

21,807

Investment in associate

3,413

-

Other investments

-

7,906

Other non-current assets

16,792

16,843

2,562,112

1,870,851

Current assets
Trade receivables and other current assets

231,278

205,613

Cash and cash equivalents

205,830

186,090

437,108

391,703

Total assets

2,999,220

2,262,554

 
Shareholders’ equity
Share capital

7,716

7,170

Share premium

855,116

553,425

Foreign currency translation reserve

4,626

3,541

Hedging reserve, net of tax

(264)

(165)

Accumulated profit

107,664

69,449

974,858

633,420

Non-current liabilities
Borrowings

1,249,837

1,266,813

Lease liabilities

425,315

-

Deferred tax liabilities

18,162

16,875

Other non-current liabilities

16,652

34,054

1,709,966

1,317,742

Current liabilities
Trade payables and other current liabilities

272,841

280,877

Lease liabilities

28,077

-

Income tax liabilities

8,596

7,185

Borrowings

4,882

23,330

314,396

311,392

Total liabilities

2,024,362

1,629,134

Total liabilities and shareholders’ equity

2,999,220

2,262,554

 
 
INTERXION HOLDING NV
NOTES TO THE CONDENSED CONSOLIDATED BALANCE SHEET: BORROWINGS AND LEASE LIABILITIES NET OF CASH AND CASH EQUIVALENTS
(in €'000 ― except where stated otherwise)
(unaudited)
 
As at
Sep-30 Dec-31

2019

2018

Borrowings and lease liabilities net of cash and cash equivalents
 
Cash and cash equivalents

205,830

186,090

 
4.75% Senior Notes due 2025(a)

1,189,446

1,188,387

Finance lease liabilities (IAS 17)(b)

-

50,374

Mortgages

65,273

51,382

Borrowings

1,254,719

1,290,143

Lease liabilities (IFRS 16)(b)

453,392

-

Total borrowings and lease liabilities

1,708,111

1,290,143

 
 
Borrowings and lease liabilities net of cash and cash equivalents(c)

1,502,281

1,104,053

 
(a) The €1,200 million 4.75% Senior Notes due 2025 include a premium on additional issuances and are shown after deducting commissions, offering fees and expenses.
(b) Under IFRS 16, finance lease liabilities are included in the aggregated amount of lease liabilities rather than presented separately.
(c) Total borrowings and lease liabilities exclude deferred financing costs of €2.3 million as of 31 December 2018 which were incurred in connection with the €300 million Revolving Credit Facility, entered into on 18 June 2018, and deferred financing costs of €2.6 million as of 30 September 2019 relate to the Revolving Credit Facility and the increased capacity thereunder in March 2019.
 
INTERXION HOLDING NV
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
Sep-30 Sep-30 Sep-30 Sep-30

2019

2018

2019

2018

 
 
Net income

21,451

10,900

38,464

23,138

Depreciation and amortisation

45,297

32,885

131,295

94,635

Share-based payments

5,313

3,620

15,814

10,482

Net finance expense

3,232

11,732

37,042

46,031

Share of result of equity-accounted investees, net of tax

113

-

277

-

Income tax expense

6,496

4,445

14,900

11,052

81,902

63,582

237,792

185,338

Movements in trade receivables and other assets

3,013

(193)

(33,742)

(20,246)

Movements in trade payables and other liabilities

(9,427)

(2,510)

23,054

8,976

Cash generated from operations

75,488

60,879

227,104

174,068

Interest and fees paid(a)

(4,658)

(3,014)

(38,955)

(41,846)

Interest received

-

2

-

2

Income tax paid

(5,426)

(4,005)

(15,615)

(12,171)

Net cash flows from operating activities

65,404

53,862

172,534

120,053

Cash flows used in investing activities
Purchase of property, plant and equipment

(144,522)

(102,143)

(405,191)

(313,894)

Financial investments - deposits

20

(13)

12,611

267

Acquisition of associate

-

-

(3,745)

-

Purchase of intangible assets

(6,056)

(1,042)

(12,947)

(6,000)

Loans provided

(1,586)

(857)

(4,400)

(2,108)

Net cash flows used in investing activities

(152,144)

(104,055)

(413,672)

(321,735)

Cash flows from financing activities
Proceeds from issue of share capital

282,867

-

282,867

-

Transaction costs from issue of share capital

(1,229)

(1,229)

Proceeds from exercised options

1,040

262

1,724

1,520

Proceeds from mortgages

15,860

5,970

15,860

5,969

Repayment of mortgages

(1,024)

(548)

(2,044)

(6,044)

Proceeds from revolving credit facilities

-

-

40,000

148,814

Repayment of revolving facilities

(40,000)

-

(40,000)

(250,724)

Proceeds 4.75% Senior Notes

-

204,800

-

1,194,800

Principal elements of lease payments (2018: Financial lease obligation)

(24,689)

-

(39,574)

-

Repayment 6.00% Senior Secured Notes

-

-

-

(634,375)

Interest received at issuance of additional notes

-

2,428

-

2,428

Transaction costs 4.75% Senior Notes

-

(5,504)

(200)

(6,696)

Transaction costs revolving credit facility

-

(926)

(745)

(2,562)

Net cash flows from financing activities

232,825

206,482

256,659

453,130

Effect of exchange rate changes on cash

4,184

8

4,219

(72)

Net increase / (decrease) in cash and cash equivalents

150,269

156,297

19,740

251,376

Cash and cash equivalents, beginning of period

55,561

133,563

186,090

38,484

Cash and cash equivalents, end of period

205,830

289,860

205,830

289,860

 
(a) Interest and fees paid is reported net of cash interest capitalized, which is reported as part of “Purchase of property, plant and equipment."
 
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEET: IFRS 16 IMPACT RECONCILIATION
(in €'000)
(unaudited)
 
Three Months Ended Nine Months Ended
30 Sep 2019 Effect of change
due to IFRS 16
30 Sep 2019 30 Sep 2019 Effect of change
due to IFRS 16
30 Sep 2019
As Reported Excl. IFRS 16 As Reported Excl. IFRS 16
 
Consolidated
Recurring revenue

152,347

-

152,347

447,600

-

447,600

Non-recurring revenue

7,046

-

7,046

21,800

-

21,800

Revenue

159,393

-

159,393

469,400

-

469,400

Gross profit

105,255

7,062

98,193

310,139

20,699

289,440

Gross profit margin

66.0%

4.4%

61.6%

66.1%

4.4%

61.7%

Operating income

31,292

1,319

29,973

90,682

4,118

86,564

Adjusted EBITDA

82,662

8,488

74,174

240,097

25,093

215,004

Adjusted EBITDA margin

51.9%

5.4%

46.5%

51.1%

5.3%

45.8%

Depreciation and amortisation

45,297

7,169

38,128

131,295

20,975

110,320

Net finance expense

3,232

3,081

151

37,042

9,231

27,811

 
France, Germany, the Netherlands, and the UK
Recurring revenue

102,193

-

102,193

299,729

-

299,729

Non-recurring revenue

5,145

-

5,145

14,544

-

14,544

Revenue

107,338

-

107,338

314,273

-

314,273

Operating income

34,498

976

33,522

101,394

3,247

98,147

Adjusted EBITDA

64,139

5,470

58,669

188,195

16,134

172,061

Adjusted EBITDA margin

59.8%

5.1%

54.7%

59.9%

5.2%

54.7%

 
Rest of Europe
Recurring revenue

50,154

-

50,154

147,871

-

147,871

Non-recurring revenue

1,901

-

1,901

7,256

-

7,256

Revenue

52,055

-

52,055

155,127

-

155,127

Operating income

21,099

325

20,774

62,734

833

61,901

Adjusted EBITDA

33,823

2,587

31,236

98,658

7,567

91,091

Adjusted EBITDA margin

65.0%

5.0%

60.0%

63.6%

4.9%

58.7%

 
Corporate and Other
Operating income

(24,305)

18

(24,323)

(73,446)

37

(73,483)

Adjusted EBITDA

(15,300)

431

(15,731)

(46,756)

1,392

(48,148)

 
 
As at
30 Sep 2019 Effect of change
due to IFRS 16
30 Sep 2019
As Reported Excl. IFRS 16
 
Consolidated
Non-current assets

2,562,112

406,265

2,155,847

Current assets

437,108

(17,101)

454,209

Non-current liabilities

1,709,966

369,028

1,340,938

Current liabilities

314,396

24,111

290,285

 
France, Germany, the Netherlands, and the UK
Total assets

2,035,901

280,608

1,755,293

Total liabilities

599,321

283,614

315,707

 
Rest of Europe
Total assets

705,854

105,601

600,253

Total liabilities

202,247

106,567

95,680

 
Corporate and Other
Total assets

257,465

2,955

254,510

Total liabilities

1,222,794

2,958

1,219,836

 
 
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED NET INCOME RECONCILIATION
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
 
Three Months Ended Nine Months Ended
Sep-30 Sep-30 Sep-30 Sep-30

2019

2018

2019

2018

 
 
Net income - as reported

21,451

10,900

38,463

23,138

 
Add back
+ Charges related to termination of financing arrangements(a)

-

-

-

11,171

+ Re-assessment of indirect taxes(b)

-

1,734

-

1,734

+ M&A transaction costs

784

689

1,425

2,937

784

2,423

1,425

15,842

Reverse
- Interest capitalized

(2,393)

(1,541)

(6,375)

(3,606)

(2,393)

(1,541)

(6,375)

(3,606)

 
Tax effect of above add backs & reversals

402

(168)

1,238

(3,007)

 
Adjusted net income

20,244

11,614

34,751

32,367

 
Reported basic EPS: (€)

0.28

0.15

0.52

0.32

Reported diluted EPS: (€)

0.28

0.15

0.52

0.32

 
Adjusted basic EPS: (€)

0.26

0.16

0.47

0.45

Adjusted diluted EPS: (€)

0.26

0.16

0.47

0.45

 
(a) These charges relate to the repayment of the 6.00% Senior Secured Notes due 2020 and the termination of our revolving credit facility agreements in 2Q18.
(b) This re-assessment relates to years prior to 2018 and is therefore not representative of our current on-going business.
 
 
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 7 November 2019
with Target Open Dates after 30 September 2019

 

 

CAPEX(a)(b)

Equipped Space(a)

Market Project

(€ million)

(sqm)

Schedule

 

 

Amsterdam AMS10: Phases 1 - 3 New Build

195

9,500

4Q 2019 - 3Q 2020(c)
Frankfurt FRA14: Phases 1 - 2 New Build

76

4,800

3Q 2019 - 4Q 2019(d)
Frankfurt FRA15: Phases 1 - 4 New Build

177

9,600

2Q 2020 - 3Q 2021(e)
London LON3: New Build

35

1,800

1Q 2019 - 1Q 2020(f)
Madrid MAD3: New Build

44

2,700

2Q 2019 - 4Q 2019(g)
Marseille MRS2: Phase 2 - 4

72

4,200

2Q 2018 - 4Q 2019(h)
Marseille MRS3: Phases 1 - 2 New Build

111

4,700

1Q 2020 - 3Q 2020(i)
Stockholm STO6: Phase 1 - 2 New Build

28

1,500

2Q 2020 - 4Q 2020(j)
Vienna VIE2: Phase 7 - 9

96

4,700

4Q 2017 - 1Q 2020(k)
Zurich ZUR2: Phases 1 - 2 New Build

93

3,600

3Q 2020(l)

 

 

Total

927

47,100

 

 

 

 

(a) CAPEX and Equipped space are approximate and may change. SQM figures are rounded to nearest 100 sqm unless otherwise noted, and totals may not add due to rounding.
(b) CAPEX reflects the total spend for the projects listed at full power and capacity and the amounts shown in the table above may be invested over time.
(c) AMS10: Phase 1 (2,700 sqm) is scheduled to open in 4Q 2019; phase 2 (4,100 sqm) is scheduled to open in 1Q 2020, phase 3 (2,700 sqm) is scheduled to open in 3Q 2020.
(d) FRA14: Phase 1 (2,600 sqm) opened in 3Q 2019; phase 2 (2,200 sqm) is scheduled to open in 4Q 2019.
(e) FRA15: Phase 1 (2,300 sqm) is scheduled to open in 2Q 2020, Phase 2 (2,600 sqm) is scheduled to open in 4Q 2020, Phase 3 (2,400 sqm) is scheduled to open in 1Q 2021 and Phase 4 (2,400 sqm) scheduled to open in 3Q 2021.
(f) LON3: Phase 1 (300 sqm) opened in 1Q 2019 and Phase 2 (600 sqm) opened in 2Q 2019. The first part of phase 3 (300 sqm) is scheduled to open in 4Q 2019 and the second part (600 sqm) is scheduled to open in 1Q 2020.
(g) MAD3: 1,300 sqm opened in 2Q 2019, 700 sqm opened in 3Q 2019 and 700 sqm is scheduled to open in 4Q 2019.
(h) MRS2: Phase 2 (700 sqm) opened in 2018; Phase 3 (1,100 sqm) opened in 2Q 2019 and the half of Phase 4 (1,200 sqm) opened in 3Q 2019 and the second half (1,300 sqm) is scheduled to open in 4Q 2019.
(i) MRS3: Phase 1 (2,300 sqm) is scheduled to open in 1Q 2020 and Phase 2 (2,400 sqm) is scheduled to open in 3Q 2020.
(j) STO6: Phase 1 (500 sqm) is scheduled to open in 2Q 2020 and Phase 2 (1,000 sqm) is scheduled to open in 4Q 2020.
(k) VIE2: Phases 7-9; 2,300 sqm opened in 4Q 2017 through 3Q 2018; 2,000 sqm opened in 2Q 2019, 200 sqm opened in 3Q 2019 and the remaining 200 sqm is scheduled to open in 1Q 2020.
(l) ZUR2: Phase 1 and Phase 2 are scheduled to open in 3Q 2020 (together 3,600 sqm).

 

Source: Interxion Holding NV

Interxion
Jim Huseby
Investor Relations
Tel: +1-813-644-9399
IR@interxion.com